DeWITT — Profit at Anaren, Inc. (NASDAQ: ANEN) slumped nearly 75 percent in the company’s fiscal second quarter to $1.2 million, or 8 cents a share.
Net sales for the period fell 17.7 percent from the same period last year to $35.7 million.
DeWitt–based Anaren develops and manufactures components and subsystems for applications in sectors including satellite communications, defense, and wireless communications. The company has sites in the Syracuse area, New Hampshire, Colorado, and China.
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“The reduction in revenue and profitability compared to the second quarter of last year resulted primarily from a substantial decline in demand for wireless infrastructure products, as well as an unfavorable mix of business within the space and defense group,” Anaren Chairman, President, and CEO Lawrence Sala said in a news release. “In response to the current business conditions, we have taken numerous actions to reduce costs and improve our operating performance at these lower business levels.”
The company plans to continue monitoring conditions in its wireless market and adjust accordingly. Sala said company leaders believe the drop in demand is temporary.
Customer forecasts for calendar 2012 remain strong and he said demand should improve in the company’s fiscal fourth quarter.
Contact Tampone at ktampone@cnybj.com
